Shares of Biogen Idec (BIIB 55.22) traded higher on Monday, gaining more than 3% in pre-market activity, after the Cambridge-based biotechnology company raised its guidance for fiscal 2007 and issued a positive outlook for the following year on sales of its newest multiple sclerosis drug Tysabri.
Biogen, which has been struggling with slowing sales of its flagship drug Avonex and recently failed to attract bidders after putting itself up for sale in October, expects this year's earnings to be above the high-end of its previous guidance of $2.60 to $2.70 per share. The consensus estimate currently calls for earnings of $2.62 per share. For 2008 earnings, the company forecast earnings of $3.20 to $3.35 per share, excluding special items, with revenue growth between 15% and 20% on sales of its new multiple sclerosis drug Tysabri. Analysts are currently expecting earnings of $3.20 per share.
Biogen also announced new data on the global utilization, safety and overall patient exposure of Tysabri, in collaboration with partner Elan (ELN 23.04). The company said more than 21,000 patients were on commercial and clinical therapy worldwide, and the safety data to date continues to support a favorable benefit risk profile for the drug. There have been no cases of progressive multifocal leukencephalopathy since the re-launch in the U.S. and the international launch in July 2006.
The company's recent fortunes have been largely tied to Tysabri, which had been withdrawn from the market it February 2005 due to safety concerns before being re-launched.
Biogen, which has been struggling with slowing sales of its flagship drug Avonex and recently failed to attract bidders after putting itself up for sale in October, expects this year's earnings to be above the high-end of its previous guidance of $2.60 to $2.70 per share. The consensus estimate currently calls for earnings of $2.62 per share. For 2008 earnings, the company forecast earnings of $3.20 to $3.35 per share, excluding special items, with revenue growth between 15% and 20% on sales of its new multiple sclerosis drug Tysabri. Analysts are currently expecting earnings of $3.20 per share.
Biogen also announced new data on the global utilization, safety and overall patient exposure of Tysabri, in collaboration with partner Elan (ELN 23.04). The company said more than 21,000 patients were on commercial and clinical therapy worldwide, and the safety data to date continues to support a favorable benefit risk profile for the drug. There have been no cases of progressive multifocal leukencephalopathy since the re-launch in the U.S. and the international launch in July 2006.
The company's recent fortunes have been largely tied to Tysabri, which had been withdrawn from the market it February 2005 due to safety concerns before being re-launched.
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